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FxWirePro- Major Crypto levels and bias summary 
Gensler's Resignation Announcement
Gary Gensler, the Chair of the U.S. SEC, will resign on January 20, 2025, when President-elect Donald Trump is inaugurated. His time in office has been marked by strong regulatory actions, especially targeting the cryptocurrency industry. Gensler's departure comes at the end of a challenging tenure.
XRP's Surge Post-Resignation
After Gary Gensler announced his resignation, XRP jumped more than 11%, breaking out of a bull pennant pattern. This pattern indicates the possibility of a further rally of up to 30%, potentially reaching $2.
Increased Whale Activity Around XRP
This week, whale activity around XRP has jumped, showing strong confidence in its future. In the past week, XRP whales bought about $526 million worth of the cryptocurrency, which is one of the biggest buy-ups in nearly three years. They acquired 453.3 million XRP tokens as the price surpassed $1 for the first time since 2021. On one day alone, whales transferred $233.76 million worth of XRP, with two big transactions of over 210 million tokens. These moves suggest that whales are taking their assets off exchanges, likely expecting prices to rise further.
Price Movement and Resistance Levels
XRPUSD breaks significant resistance at $1.26 after a minor consolidation. It hits a high of $1.43878 and is currently trading around $1.37033. Any daily close below $1 would confirm a further minor bearish trend. The pair is trading above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart.
Short-Term Resistance and Support
The immediate resistance is around $1.50; a breach above this level could propel the pair to 1.70/\2. Any breach above $2 confirms major bullish continuation, making a jump to $3 possible. On the downside, immediate support is at $1.25, with potential declines targeting 1/1/0.85/0.74/0.74/0.6800/$0.6300.
Indicator Analysis
- Directional Movement Index: Bullish
- CCI (50): Bullish
It may be a good strategy to buy on dips around $1.25, with a stop loss set at $1 and a target profit of $2/$3.
